Yea… OK… Just like you gave them a free pass over the Foreclosure Fraud. Aren’t most working for the Obama Administration?
Elections are around the corner!
WSJ-
Federal securities regulators plan to warn several major banks that they intend to sue them over mortgage-related actions linked to the financial crisis, according to people familiar with the matter.
The move would mark a stepped-up regulatory effort to hold Wall Street accountable for its sale of bonds linked to subprime mortgages in 2007 and 2008. At issue is whether the banks misrepresented the poor quality of loan pools they bundled and sold to investors, the people said.
It isn’t clear which firms will receive the formal Securities and Exchange Commission enforcement warnings, known as “Wells notices.”
Lets guess they neither ADMIT nor DENY…as it always goes.
But hmmm…
“a settlement would represent the most significant acknowledgement yet … they [GSEs] played a central role”
Deal Time-
Regulators are nearing a settlement with Fannie Mae and Freddie Mac over whether the mortgage finance giants adequately disclosed their exposure to risky subprime loans, bringing to a close a three-year investigation.
The proposed agreement with the Securities and Exchange Commission, under the terms being discussed, would include no monetary penalty or admission of fraud, according to several people briefed on the case. But a settlement would represent the most significant acknowledgement yet by the mortgage companies that they played a central role in the housing boom and bust.
The former chief executive of Freddie Mac may face a civil action as the government ramps up an investigation of disclosure practices at the mortgage finance giant and its sister company, Fannie Mae, people briefed on the investigation said.
The executive, Richard F. Syron, a former president of the American Stock Exchange and now an adjunct professor and trustee at Boston College, has received a so-called Wells notice from the Securities and Exchange Commission, an indication the agency is considering an enforcement action against him.
By Joshua Gallu and Dawn Kopecki – Mar 11, 2011 6:45 PM ET
Fortress Investment Group LLC (FIG) Chief Executive Officer Daniel Mudd received notice from U.S. regulators that he may face claims for misleading investors about Fannie Mae’s exposure to subprime loans when he ran the mortgage firm during the financial crisis.
Mudd, who was ousted when Fannie Mae and Freddie Mac were seized by regulators in September 2008, confirmed in a statement to Bloomberg News that he received the so-called Wells notice from the Securities and Exchange Commission today.
(Reuters) – A top Freddie Mac (FMCC.OB) executive received notice the government may file charges against him for allegedly violating securities laws in the years leading up to the housing bust, according to a regulatory filing released on Thursday.
Executive Vice President Don Bisenius received a “wells notice” from the Securities and Exchange Commission that the agency is considering filing an enforcement action against him for possibly violating federal securities laws and related rules in 2007 and 2008.
The revelation comes just days after a former Freddie Mac chief financial officer Anthony Piszel also received a similar warning from the SEC. Piszel, who was the mortgage giant’s CFO between 2006 and 2008, was forced to resign earlier this month from CoreLogic Inc (CLGX.N), where he was working as the company’s chief financial officer.
Freddie Mac and sister entity Fannie Mae (FNMA.OB) have both been under investigation since September 2008 for their role in the mortgage crisis.
CoreLogic announced today that Anthony “Buddy” Piszel, chief financial officer (CFO), has resigned as CFO effective immediately. Piszel, who joined CoreLogic in January 2009, will stay on in a non-executive capacity through June 1, 2011 to assist in a smooth transition of his responsibilities.
Piszel has informed the company that he received a Wells notice from the U.S. Securities and Exchange Commission (SEC) staff in connection with certain disclosure matters during Piszel’s tenure at his previous employer, Freddie Mac. Piszel served as chief financial officer of Freddie Mac from November 2006 to September 2008.
The Wells notice indicates that the SEC staff is considering recommending a civil enforcement action against Piszel. Under the SEC’s procedures, recipients of a Wells notice have the opportunity to respond in the form of a “Wells submission” in which they seek to persuade the SEC that no action should be commenced. Piszel has informed CoreLogic that he intends to make such a submission.
Recent Comments